Ryan Zavodnick | December 26, 2024 | Personal Injury
Reaching a settlement in your personal injury case can bring a sense of relief and closure. After weeks or months of negotiating with insurance companies and waiting on the outcome, you’ve finally agreed on an amount. But now you might be wondering, “What comes next?”
The settlement check process involves several steps before that money reaches your hands. Understanding these steps can help you feel more confident and less anxious as you move forward. Below, we’ll walk through each stage of the settlement check process, from finalizing the settlement agreement to receiving your portion of the funds.
Signing the Settlement Agreement
Both sides must sign a written settlement agreement once they agree on a settlement amount with the other party or their insurance company. This document details the settlement terms, the amount you’ll receive, and any conditions you must follow. Your attorney will review it to ensure it accurately reflects what was negotiated and that no hidden terms could harm you later.
Signing this agreement often marks the official end of your legal dispute. After signing, you generally cannot file another lawsuit related to this specific incident.
Releasing Claims
Along with the settlement agreement, you’ll likely sign a “release of claims” form. By signing this release, you promise not to sue the at-fault party again for the same injury or accident. The release protects them from future legal action, which is why they’re willing to pay the settlement amount.
Your attorney will carefully explain the release’s coverage, ensuring you understand that once you accept the settlement, the matter is considered resolved.
Insurance Processing and Issuing the Check
After the paperwork is signed, the defendant’s insurer will process the settlement. Depending on the insurance company’s internal procedures, this can take some time — ranging from a few days to a few weeks. They will review the documents, confirm all conditions are met, and then issue a check to your attorney’s law firm.
Paying Outstanding Liens and Bills
Before you receive your share of the settlement, any outstanding liens or bills related to your case must be paid. For example, if your medical providers treated you on a lien basis, they might have a right to be paid directly from your settlement.
Your attorney may also have advanced costs for expert witnesses, court filings, and other case-related expenses. These costs must be reimbursed before receiving your portion of the funds.
Attorney’s Fees and Costs
If you hired your attorney on a contingency fee basis, their fees are usually a percentage of the settlement. This arrangement allows you to hire a skilled lawyer without paying anything upfront.
After the liens and other costs are handled, your attorney will take their agreed-upon share, as outlined in your fee agreement. They’ll also provide a detailed breakdown of all deductions so you know where every dollar of your settlement went.
Receiving Your Settlement Check
After all liens, expenses, and fees are paid, the remainder of the settlement goes to you. Your lawyer will issue a check for your portion. Holding that check can bring a sense of relief and closure. This money can help cover medical bills, replace lost income, pay for ongoing care, or provide financial security while moving forward after your injury.
An Experienced Personal Injury Lawyer Can Help
Reaching a settlement is an important step in resolving your personal injury case, but it’s not the final step. The settlement check process involves signing documents, paying off liens and expenses, and waiting for the insurer to issue the check.
Your lawyer can guide you through each stage, protecting your interests and ensuring that you receive as much compensation as possible.
Contact Our Personal Injury Law Firm in Philadelphia Today To Get Help With Your Case
To learn more and get the help you deserve, call Zavodnick & Lasky Personal Injury Lawyers at (215) 875-7030 or contact us online.
You can also visit our law firm at 123 S Broad St #1220, Philadelphia, PA 19109.
